Is It too Late to Jump Into the Metals Rally?

Prices of industrial metals have been on a tear this year, including super-performer zinc, which is up about 70%. But how long can the rally last?

Is the price runup excessive and overheated? Or do improved fundamentals signal prices still have a lot higher to go?

Zinc and nickel—up about 35% year-to-date on the London Metal Exchange—are keeping a lot of bulls in their camp. The question of what’s ahead for copper—up about 25% on the LME—tends to draw a mix of predictions. Aluminum—which is up about 14% so far this year—prompts the most bearish forecasts.